Expion360, Inc XPON, a lithium-ion battery power storage solutions provider, said it is entering the home energy storage market.
The company has launched two premium lithium iron phosphate (LiFePO4) battery storage solutions, enabling residential and small business customers to create a stable micro-energy grid. The solutions will also lessen the impact of increasing power fluctuations and outages.
Expion expects the new product line to become eligible for incentives available through California's Self-Generation Incentive Program and federal tax credits from the Inflation Reduction Act for home battery systems.
"Our new product line expands our growing portfolio from recreational vehicles and marine applications into home energy applications as planned and earlier than we anticipated," said CEO Brian Schaffner.
The company's wall mounted all-in-one inverter and 10kw battery can help users store excess energy generated from solar panels or the grid and use it when needed most.
The expandable server rack style battery cabinet system, featuring up to four 5kW batteries, can accommodate a range of energy capacity needs.
Expion360 will begin taking orders for the new home energy storage solutions in the first quarter of FY24, with shipments starting in the second quarter of FY24.
Price Action: XPON shares are trading higher by 5.39% at $4.69 on the last check Tuesday.
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